Nine Questions to Ask Your Insurance Company to Better Understand Your Coverages
Are you wondering about the full extent of coverages on your homeowners' insurance policy? Have you ever actually taken the time to look at your full insurance policy and its contents? When you better understand the fine print in your homeowners' insurance policy, you will be more prepared in the event of damages or claims you may need to file. As a property insurance claims attorney in Miami, FL, we help many policyholders with legal action to get the insurance compensation they need to restore and repair any damages. However, you first want to understand what is covered. To do this, you'll want to ask your insurance company these important questions to fully understand your coverages.
What type of policy do I have?
There are a few types of policies, and you will want to be sure that you have the one you need. An "all risk" policy is one where most general damages are covered, such as fire and weather damages. Although this policy has certain exceptions, like neglect and floods, it is the most common policy for homeowners. Another type of insurance policy is one called "peril" policy. The peril policy provides coverage that is covers specific types of property losses. These are popular in areas that are more susceptible to extreme weather, like hurricanes or lightning storms.
How much coverage do I have in the event of a dwelling rebuild?
Most insurance companies will take into account the wear and tear on your dwelling when they are estimating your full coverage. If you need to rebuild your entire dwelling, you will want to know how much money you are entitled to. Ask them for a complete rebuild estimation to give you a fair number of what you will receive if that occurs. Make sure to stay up to date with any renovations or updates you have made so that they can factor those numbers into the calculations.
Do I have a lawsuit limitation on my policy?
Many insurance companies have a "Suit Against Us" policy that requires policyholders to file legal action against them within one year of the date that the losses have occurred. As a property insurance claims attorney in Miami, FL, we will be able to help you anytime you are curious about your policyholder rights to sue. Talk with your insurance company to see what your coverages and limitations are before you actually need them.
Do I have replacement cost value or actual cash value on my property?
In the event of a loss or property damages, you will want to understand the coverages on your policy. Replacement Cost Value (or RCV) will grant you the ability to completely replace the damages without any depreciation. However, if you have Actual Cash Value (or ACV), you will be entitled to replace and repair the damages to the property as is at the time of the incident. This will take into the account the wear and tear that can occur on the dwelling or property over time.
Am I covered no matter what type of damage occurs to my home?
The likely answer to this question is actually no, and many homeowners seem shocked when they learn this. Depending on the type of insurance policy you have, you are likely only covered for some of the most basic types of damages. For example, flood damage is not typically covered in a standard policy. Take the time to educate yourself on a full list of your coverages, and ask your insurance company to add any addendums if you wish to add more.
Are my personal possessions protected by my policy?
When many policyholders file property claims in Orlando, FL, they realize that they are actually not covered for as many things as they originally thought. Often times, insurance policies do not cover all of the possessions and belongings unless the policyholder initiated these coverages. You may need to seek out additional collectibles to cover valuables, like jewelry, heirlooms, or other expensive items in your household.
Are additional structures on my property covered?
Many insurance policies also cover all the dwellings and structures on your property, you will want to contact your insurance company to make sure that your particular policy covers all valuable dwellings and features of your home. This can include landscaping, swimming pools, shed, or even pool houses. In the event that these are damaged, you want to know that they are protected by your policy.
Do I have flood insurance?
Many homeowners' policies offer different coverages. Most people may not know this, but it is actually not common for homeowners' insurance policies to have flood insurance. However, if you live in a location that is at a higher risk for floods, you may have an exception. It is best to talk to your insurance company about this before assuming you are fully protected.
What happens if I have to make a claim?
Most insurance companies will accept your call at all hours of the day, during all days of the year. Even if you need to leave a recorded message in their system, you will have access to file a claim on your policy. Be sure to ask your insurance company to let you know what to expect in the even that you need to file an insurance claims with your business. They will let you know how to proceed to get the process moving along. You may also want to contact a property insurance claims attorney in Miami, FL to have an advocate on your side during this challenging process.
These are a few of the important questions that you'll want to ask your insurance company to educate yourself on your policy coverages. By better understanding your policy, you will be more suited to fight for any compensation you deserve in the event of filing a claim. Our property insurance claims attorney in Miami, FL is here to help. Contact us to schedule a consultation with our experienced attorneys today.